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Ira wrote:
I think you are missing something interesting. Here are the Nasdaq top
volume traders for Friday and the NYSE top volume traders for Friday.
Check the PEs on some of these. So no matter what the PE, earnings or
visiblity, [...]
Thanks, Ira. I agree that from a trader's perspective valuations are
likely unimportant. The way I read it, the main point behind the study
is that if we contemplate a rally from current levels, then many of the
leaders/more recognized names are already quite highly valued - if they
continue to lead, they will rather quickly reach the extreme
over-valuation levels seen in Q1-2000. This will of course make them
more vulnerable to bad news, should they disappoint - which as you say
in your note will offer up higher levels of volatility.
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